The fish processing market size is estimated to attain a value of US$ 368,460.4 million by 2033, up from its 2023 value of US$ 213,619.7 million, showcasing a projected CAGR of 5.9%
Increasing demand for seafood is the key driver fueling the fish processing industry’s growth. Overfishing is the primary restraint, and with this, the availability of fish decreases. Moreover, there is a potential threat to the fish processing market due to the possibility of customer preferences changing in the future. If customers shift towards plant-based food options, it could adversely impact the demand for fish products.
Market Opportunities
The market offers numerous opportunities, primarily because it is likely to experience significant growth with a CAGR of 5.9% expected through 2033. One of the key reasons driving this growth is the increasing demand from customers for healthy and sustainable food varieties, and seafood is perfectly suited to fulfill this demand.
The market is experiencing significant growth, and one excellent factor contributing to this is the increasing popularity of ready-to-eat and ready-to-cook seafood products. This trend is likely to fuel market expansion during the forecast period. Additionally, the current trend of customers acquiring online food deliveries to their homes is another reason behind the expansion of the fish processing market.
Key Takeaways
- The fish processing industry is experiencing robust and steady growth, and it is anticipated to maintain a notable CAGR of 5.9% from 2023 to 2033. This positive trend points toward promising prospects for the industry.
- The fish processing industry is poised for exceptional growth, as it is projected to reach an impressive revenue of US$ 368,460.4 million by 2033. This highlights its bright future and substantial market potential.
- In 2022, the United States asserted its dominance in the fish processing industry, holding an impressive market share of 21.1%. This notable percentage highlights the country’s commanding position in the industry.
- In 2022, Germany established a strong presence in the fish processing industry, securing a substantial share of 7.8%. This notable achievement placed the country ahead of its competitors in the industry.
- In 2022, Japan secured a notable position in the fish processing industry by capturing a significant share of 4.4%, demonstrating its growing presence and competitiveness in the industry.
- India is expected to demonstrate strong growth in the fish processing industry, with a projected CAGR of 5.6% during the forecast period. This growth forecast reflects the country’s potential to expand its market presence and make significant progress in the industry.
Competitors Winning Strategies
Competitors in the fish processing market are implementing numerous strategies, such as building their brands to gain customer trust and loyalty. They are also expanding their operations into new markets to foster business growth. Additionally, they are creating new channels, like the online seafood market, to attract new customers.
They are introducing new products, such as ready-to-eat and ready-to-cook meals since these have become increasingly popular in the market due to high demand. Additionally, they are creating new flavors and varieties in the ready-to-eat and ready-to-cook categories. This initiative is aimed at providing customers with a wide range of options to choose from.
Thai Union Group, Maruha Nichiro, Austevoll Seafood, Icelandic Seachill, Wild Planet Foods, John West Foods, Birds Eye Foods, and Conagra Brands are a few of the leading competitors in the fish processing market.
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Recent Developments:
- Austevoll Seafood: Austevoll Seafood stated that it is spending US$ 100 million on an additional fish processing factory in Norway. The factory is anticipated to be finished in 2024 and is capable of producing 40,000 tons of fish annually.
- Icelandic Seafood: Icelandic Seafood stated that it is going to purchase the fish processing business of Faroese Prime Seafood for US$ 165 million.
- Wild Planet Foods: Wild Planet Foods said it is planning to raise its manufacturing capacity by 50%. The development is scheduled to be finished in 2024, enabling the firm to manufacture an extra 10 million fish cans annually.
- Key Segments
- By Source:
- Freshwater
- Marine
- Inland
- By Application:
- Food
- Feed
- Biomedical
- Others
- By Processing Type:
- Frozen
- Preserved
- Dried
- Others
- By Equipment:
- Slaughtering
- Deheading & Gutting
- Skinning
- Scaling
- Filleting
- Desliming & Rinsing
- Others
- By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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